Just Throw People at the Compliance Problem
In doing some research on the financial sector, I ran across an article that discussed regulatory changes and compliance issues as a growing problem. The solution, based on the results of a survey conducted by Robert Half Financial Services, was to hire more people. Not that I am against everyone having a job, but hiring more people seemed rather lame.
The report did share insight that financial organizations are also implementing a holistic information governance plan that has aided in solving the compliance challenges. What somewhat surprised me was the absence of a strong initiative to utilize technology as a key solution component. “Thirty-six per cent of CPA executives said their company has used technological advancements to increase efficiency in fulfilling regulatory requirements. One-third said they have outsourced work to outside contractors or vendors to handle the change, and one-fourth of respondents added staff to help manage the extra work.”
One would think that the financial sector is pretty tech savvy. Perhaps not. Not to pick on this specific industry, but you do wonder if organizations look to people as the solution, and not a combination of people and technology. Technology is not a cost to be managed down. It should be an investment for future growth.